The Forex market: How big and liquid is it exactly?

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The Foreign Exchange Market (Forex) is a 24-hour over-the-counter market for trading of currencies. Since it has a global scope and is decentralized type of market, transactions take place everywhere in the world with no central and physical location unlike other financial markets like the London Stock Exchange (LSE) and the New York Stock Exchange (NSE). In addition, since there is no clearinghouse or a central exchange, dealers and brokers conduct negotiations directly with one another.

The Forex market is the largest financial market in the world, and not to mention it’s also the most popular among individual investors, central banks, commercial banks, and financial institutions. Since it’s an extremely liquid market, it allows huge trading volumes to take place without greatly affecting price or price action. However, depending on the time of the day and the currency pair, its relative liquidity could influence the market depth.

The Forex market is composed of traders representing hundreds of international banks, central banks, governments, institutional investors, and millions of private traders trading currencies on a daily basis. This huge volume of participants contributes to the market’s turnover rate and based on recent data, it continues to grow.   According to the Bank for International Settlements, the daily trading was $5.1 trillion (as of April 2016). In 2010, it was the average daily turnover was just estimated to be $3.9 trillion.

There are different currencies being traded in the forex market but the ones from highly industrialized countries with the most active economies lead the rank. As of 2017 data, the U.S. dollar against other currency remains the most traded in the market, followed by the Euro.  Other highly traded currencies include the Japanese yen and Chinese yuan.

For more insights into the forex market—and investing as a whole—read up LOM Financial’s posts on their Facebook page.

The many ways a media franchise makes money

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Are you a big fan of a movie or a particular fictional character that you’re willing to spend hundreds of dollars worth of merchandise just to have your personal souvenir of this awesome work of fiction? Have you ever bought a shirt designed after the logo of your favorite superhero, an action figure of a famous villain or even a copy of your favorite Disney movie?

If you answered “yes” to at least one of these questions, then you’re definitely a part of a larger and wider market of consumers that help the film and its partner media franchises to make money.

A media franchise is defined as a collection of related media composed of derivative works based on an original creative work such as movies, literary works, television series, or even computer games. Here, the creators of the original work grant the intellectual property rights to providers for further commercial exploitation and merchandising purposes.

One of the most popular media franchise and in fact, the work that started it all, is Star Wars.  The cinematic universe created by George Lucas attracted millions of fans not just in the U.S. but around the world. In fact, the franchise made a staggering 12 billion in revenue – and this jaw-dropping figure came from toy licensing alone.

The Harry Potter book and film series have billions of readers and followers across the globe and this makes this work of fiction one of the most in-demand media franchises in the world today. Companies like Johnson and Johnson, for instance, bought Harry Potter’s intellectual property rights for their HP bathroom products. Other gaming companies have also seen the earning potential of this franchise like Electronic Arts, creating the earliest Harry Potter video games.

The biggest movies in the industries also make big money in when they become box office hits but what happens once they leave the theaters? Most of the time, producers sell the rights of showing these films to other international media and television companies. Airline companies, too, contribute in producing a huge profit for filmmakers for their in-flight entertainment.

REPOST: Culture: Your Environment for People at Work

The kind of workplace culture is an extremely important determinant of a company’s overall “health.” Those that foster an excellent work environment for employees seem to generally enjoy longevity in the industry that belong to. More on this from The Balance:

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People in every workplace talk about organizational culture, that mysterious word that characterizes the qualities of a work environment. One of the key questions and assessments, when employers interview a prospective employee, explores whether the candidate is a good cultural fit. Culture is difficult to define, but you generally know when you have found an employee who appears to fit your culture.

He just feels right.

Culture is the environment that surrounds you at work all of the time. Culture is a powerful element that shapes your work enjoyment, your work relationships, and your work processes. But, culture is something that you cannot actually see, except through its physical manifestations in your workplace.

In many ways, culture is like personality. In a person, the personality is made up of the values, beliefs, underlying assumptions, interests, experiences, upbringing, and habits that create a person’s behavior.

Culture is made up of the values, beliefs, underlying assumptions, attitudes, and behaviors shared by a group of people. Culture is the behavior that results when a group arrives at a set of—generally unspoken and unwritten—rules for working together.

An organization’s culture is made up of all of the life experiences each employee brings to the organization. Culture is especially influenced by the organization’s founder, executives, and other managerial staff because of their role in decision making and strategic direction.

But, every employee has an impact on the culture that is developed at work.

What are you looking for when you want to see and understand an organization’s culture? Culture is represented in a group’s:

-decision making,
-stories and legends, and
-daily work practices.

Something as simple as the objects chosen to grace a desk tells you a lot about how employees view and participate in your organization’s culture.

Your internet sharing in programs like Skype and Slack, your bulletin board content, the company newsletter, the interaction of employees in meetings, and the way in which people collaborate, speak volumes about your organizational culture.

Continue reading HERE.

Notable personalities from the Cayman Islands

Aside from being one of the most efficient offshore investment and financial centers in the Caribbean region, the Cayman Islands is also home to several personalities from different industries who managed to conquer the world through their sheer talent and hard work.

From the fashion scene to the world of sports, here is a list of some of the notable figures who hail from this British Overseas Territory:

  1. Selita Ebanks

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Known for her image as a highly-sought after top model of high-fashion companies like Ralph Lauren and Neiman Marcus, not all of Selita Ebanks’s followers realize that she’s a Cayman-born beauty. From 2005 until early 2009, she was one of Victoria’s Secret “angels”. Aside from her fashion gigs, she also practiced her talent in acting, making appearances in several American television series.

  1. Frank E. Flowers

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In the independent film industry, Frank E. Flowers is an emerging director and screenwriter who won several awards and nominations for his works. Among his best works is the awarding-winning “Swallow”, a 2003 short film and “Haven”, a 2004 feature motion picture. According to a 2015 report, he was chosen by Lantica Media to direct the studio’s new thriller, “Our Father”.

  1. Dow Travers

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Travers was Cayman Islands’ first Winter Olympian, representing the Caribbean country in alpine skiing during the 2010 Winter Olympics. Aside from his skiing career, Dow Travers is a rugby union player for the Cayman Islands national team. Because of his famously red hair and an impressive athletic agility, he was branded the name, “The Ginger Ninja” by his fans and followers.

Northern giants: Europe’s biggest oil producers

Ever since the 1950s, the world’s most industrialized nations have depended on one vital source of energy: oil. As the lifeblood of the modern era, its products have powered several industries and sectors and have contributed to numerous present and future innovations.

According to a 2016 data, global oil production ran a daily average of 80.6 million barrels on that year alone – and a dominant percentage of its producers mostly come from developed countries, including regions from Europe.

While Europe is the smallest oil-producing continent (in fact, it is dwarfed by the Middle East), three of its nations contribute to a massive volume of oil products in the world. Here they are.

  1. Russia (Approx. 540.7M tons annually)

Russia belongs to the ranks of the top oil producers in the world and it’s the largest in Europe. The massive oil production in the country mostly comes from the Eastern and Western Siberian region. Oil dominates the list of Russia’s commodities for export, selling almost 70% of its oil.

  1. Norway (Approx. 88M tons annually)

The Norwegian oil production’s operation started in the 1960s when it was first discovered in the country’s North Sea. Since then, Norway became the second largest oil producer in Europe, with oil becoming the nation’s top export commodity. Crude oil accounts for almost 40% of Norway’s total exports every year, while the petroleum industry covers 17% of the country’s GDP.

  1. United Kingdom (Approx. 45.3M tons annually)

As the third largest oil producer in the continent, the UK has also won its place as the 19th largest in the world. The country’s oil reserves were discovered in Scotland during the 19th century. As the production reached its peak, oil deposits in Derbyshire and Eakring were discovered a century later.


REPOST: World Conference on Tourism and Culture concludes with important UNESCO and UNWTO declaration

Strengthening the synergies between tourism and culture may not only lead to economic prosperity, but also to sustainable development that many generations will be able to enjoy. More on this in the article below from eTurboNews:

courtesy of Ministry of Heritage and Culture of Oman

Culture, in all of its wondrous expressions, inspires more than 1.2 billion tourists to pack a bag and cross international borders each year. It is an important means to promote inter-cultural dialogue, create employment opportunities, curb rural migration, and nurture a sense of pride among host communities. Yet unmanaged, it can also harm the very heritage cultural tourism relies on.

Recognizing that a sustainable, approach with buy-in from all partners, is crucial to cultural tourism, peacebuilding and heritage protection, on December 12, the Muscat Declaration on Tourism and Culture: Fostering Sustainable Development was signed by representatives of UNESCO, the World Tourism Organization (UNWTO), delegations, private sector, local communities and NGOs.

This concluded the two-day World Conference on Tourism and Culture co-organized by UNESCO and the UNWTO and hosted by the Sultanate of Oman. Through the Declaration, some 30 Ministers and Vice Ministers of Tourism and Culture, and 800 participants from 70 countries, reaffirmed their commitment to strengthen the synergies between tourism and culture, and to advance the contribution of cultural tourism to the 2030 Agenda on Sustainable Development.

“Cultural tourism is growing, in popularity, in importance and in diversity embracing innovation and change. Yet, with growth comes increased responsibility, responsibility to protect our cultural and natural assets, the very foundation of our societies and our civilizations” said UNWTO Secretary-General, Taleb Rifai.

Francesco Bandarin, UNESCO Assistant Director-General for Culture, emphasized that we need to create a positive dynamic between culture and tourism “that promotes sustainability while benefiting local communities. This dynamic must contribute to safe and sustainable cities, decent work, reduced inequalities, the environment, promoting gender equality and peaceful and inclusive societies.”

Ministers from Cambodia, Libya, Somalia, Iraq and Vietnam discussed the role of cultural tourism as a factor of peace and prosperity, and shared views on the capacity of tourism to support the recovery of their countries.

The Declaration calls for cultural tourism policies that not only empower local communities, but also employ new, innovative tourism models that advance sustainable development, host-guest interaction, and cultural exchange. It promotes integrating sustainable cultural tourism and the protection of heritage in national, regional and international security frameworks. The Declaration also references UNESCO’s 1972 Convention Concerning the Protection of the World Cultural and Natural Heritage and 2005 Convention for the Protection and Promotion of the Diversity of Cultural Expressions in relation to these objectives.

Ahmed Bin Nasser Al Mahrizi, Minister of Tourism of the Sultanate of Oman, highlighted the importance of exchanging experiences and ideas to achieving sustainable tourism development. Participants shared best practices on issues such as community engagement, visitors’ management, and use of resources from tourism in conservation in such diverse locations as the Ngorongoro Conservation Area in Tanzania, the Ras Al Khaimah in the United Arab Emirates or the Palace of Versailles in France. Entrepreneurship, SME’s and the protection of traditional knowledge were viewed as compatible with developing sustainable tourism, with examples from India in the hotel sector and in other regions developing local food initiatives. Other examples included World Bank projects revitalizing cultural heritage for sustainable tourism development, and Seabourn Cruise Line’s partnership with UNESCO to raise awareness of World Heritage with their guests.

Following the first UNWTO/UNESCO World Conference on Tourism and Culture in Cambodia in 2015, this second Conference was part of the official events of the 2017 International Year of Sustainable Tourism, so declared by the United Nations. Istanbul (Turkey) and Kyoto (Japan) will host the 2018 and 2019, editions respectively.

Crucial things to consider before building a startup

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Starting a business of your own can be one of the most challenging feats that you’ll ever take on. Even before launching, you’ll have to accomplish several tasks that can be overwhelming especially if you’re new to the industry.

To help you get started, here are some of the important factors to consider before venturing into the field of business.

  1. Choosing a winning business idea

Most of the successful companies out there have started from a small yet ambitious idea. With the thousands of competitors out there however, developing your concept that is both innovative and creative may not be enough. You must have the originality and uniqueness that will help you stand out from the rest.

  1. Identifying sources of funds

Starting a business is a type of investment with a lot of risks – but if you do it right, it will all be worth the physical as well as the financial effort that you have put into it. Startups and small businesses rely on a steady source of capital to take their first steps.

Some funding sources may be from your personal savings and from business loans. With the former, you won’t incur an interest expense but the latter offers large amount of loans.

  1. Getting to know the business arena.

Know your competitors and make sure that you’re ready to face the active and often fast-paced battle in the startup arena. Analyze where you are in the competition by doing the necessary research. Study your competitor’s strategies and see how they can be applied on to your own venture.

Moreover, create a sound business plan to have a clear vision of your plan for the future and which step to take next.

  1. Abiding to legal obligations for startups

Last but the most important is to secure the needed legal documents to finally start your business. The requirements can vary depending on the country or the city where you are so do your homework.

The kind of workplace culture most millennials seek in order to thrive

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As the largest generation in today’s workforce, millennials are dominating every industry around the globe and many companies have acknowledged the importance of hiring, training, and retaining this group of individuals as a major strategy for success.

Since the millennials have extremely different characteristics than the baby boomers especially when it comes to how they engage, interact, and perform in an office environment, corporations and organizations have made it a priority to create and transform the workplace and provide a more relevant workplace culture for this rising generation.

While millennials dream of the same things like stability and financial independence, they also want to make a difference in the society. They crave experience and training not only as an employee but as a responsible member of the community. This is why most millennials prefer organizations that can give them opportunities for volunteering, helping improve the lives of other people in need.


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Other factors that make a workplace attractive for this rising generation lies on how companies help employees grow not only as a worker but as a part of a team. Collaboration, training opportunities, and flexible schedules are just a few of the many ways to keep millennials motivated.

Furthermore, this demographic has proven to be more productive and highly engaged when they are satisfied and happy not only with the work they do but with how they interact and develop connections within the office environment.

Most of them are team players and can be more productive especially if they work with other like-minded individuals. They want to fully reach their potential in that mentorship and opportunities to lead can make them more excited and encouraged to aim higher.

Technology also plays a big role in reshaping work cultures suitable for millennials. Since this demographic can easily wield the power of social media and the Internet, they expect transparency and honesty from their companies.

REPOST: Families and culture matter to reducing poverty

A country’s economic performance does not always reflect its abundance in natural resources, excellent policies (in theory), or even strategic location. In most ocassions, economic success boils down to people’s attitude and the society’s overall culture. Policy Options shares more insights:

In the analysis of poverty and income inequality, attitudes, culture and family can affect people’s situations as much as economic factors do.

In Hillbilly Elegy, his spectacularly successful book about growing up in a wretchedly dysfunctional and poor community in Ohio with cultural roots in the Appalachian mountains, the Yale-trained lawyer J.D. Vance identifies the reason why he could eventually rise out of poverty — the people closest to him: his mother, his distant father and his grandparents, among others.

Vance details the various challenges facing what he characterizes as distinct traits in hillbilly culture: “From low social mobility to poverty to divorce and drug addiction,” and many other problems including suspicion of outsiders, he writes, “my home is a hub of misery.” His parents divorced early and his mother circled through men and then drugs; his father was mostly absent until later. Vance thus came to rely on his grandparents, who, while quirky, were nevertheless an anchor of stability at key points in his adolescent life.

Vance’s story struck me because he also describes one remedy often prescribed to fix social ills: economic opportunity.

There is something to that. Take away jobs and money, or never have either in the first place, and the insecurity can ravage families. But the problem is that this formulation, in isolation, misses how attitudes, culture and family can affect people’s economic situation just as much as they are affected by it. Vance offers the example of a young couple he knew who desperately needed work and health benefits (the 19-year-old girlfriend was pregnant). But their attitudes and a lousy work ethic ended up getting both fired.

This dynamic — call it the “family and culture affects potential prosperity” relationship — is seldom recognized in Canadian policy analysis, journalism and politics. I examine it in Missing Family Dynamics, my recent report for the think tank Cardus. But too many analyze and prescribe policy remedies as if only material factors (money, employment, interest rates) matter to social outcomes.

Thus, one policy analyst might recommend a particular government action to alleviate poverty; another will demonstrate how a better economy can help the poor. Both approaches, depending on their specifics, are valid and necessary. But often overlooked is how addictions and attitudes can contribute to prosperity or poverty. A chronic gambler may have a decent job but lose everything because of bad bets; an employee with a poor attitude may get fired and fall into poverty.

This matters to the statistics: consider how the breakup of a family creates poverty. When a one-income household with $50,000 in income splits into two, with $25,000 incomes, the increased total costs of supporting two households can drop both into poverty. When the trend is widespread, breakups will make the poverty statistics look worse, even if nothing else has changed in the wider economy.

Similarly, the changing composition of families can affect inequality statistics. In 1976 and 2011 (two of the years examined in my study), married couples without children had the second-highest median after-tax income among all family types. A slightly different data set, family composition (comparing 1976 and 2014) shows that the proportion of such couples rose from 12.1 percent (1976) to 18.3 percent (2014) of all family types.

When a higher proportion of families is of the dual-income, no-children type — the ones with the second-highest median earnings — that social trend alone could increase observed inequality. It doesn’t mean there is anything to panic about. But it does mean that a social development, a voluntary change in family structure, will have impacted the statistics. By the same token, a drop in the proportion of two-parent families, who have the highest after-tax income, could affect inequality statistics too, but in the opposite direction.

Clearly the individual choice to marry or to have children, or not, among other social and cultural trends, can impact poverty and inequality; it is not only economic factors that matter. But the primacy of economics is, in my view, often the default assumption of many, who seem to analyze and write as if only more tax dollars and well-intentioned smart people collected together in a room will magically yield a useful and efficacious government policy to solve much of what ails us. That wrongly assumes a material remedy for a nonmaterial development that has its origins elsewhere: a decline in faith, changing morality or other passions of the heart that are quantifiable not at their start but only in their observable effects much later; to address such matters, policy tinkering may be ineffective.

Continue reading HERE.

Why countries are now spending billions on cultural tourism

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According to the World Tourism Organization, 2016 was a successful year for the international travel industry, marking a 5-percent growth in the number of tourists visiting hundreds of thousands of destinations across the globe.

While travelling has proven to offer long-lasting benefits to many people, tourism, more specifically cultural tourism has also ensured sustainable social, cultural, and most importantly economy development to their host destinations.

In definition, cultural tourism is a subgroup of tourism that focuses on how travelers engage in a country’s way of life in specific geographic areas: their history, the native art, religion, and the overall elements that constitute the entire identity of the local community.

The impacts of cultural tourism on many host countries can have lasting effects in many aspects of their region’s socioeconomic performance. In addition, it helps establish and strengthen the home culture’s image and identity not only to the world but to its young generation who seem to have forgotten the lessons and wealth of their own history and tradition.

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In countries like Japan and India, the growing industry has helped preserve their historical heritage and introduce them to a wider audience, creating harmony and understanding among the different peoples of the world.

How tourists and travelers engage in a particular country’s culture and its people does not only promote development but it also creates a positive impression on the regions’ demographic by opening a whole new perspective for the home population, especially the youth.

Most importantly, the enduring economic and social influence of cultural tourism creates better living environment and funding of new infrastructure that will only benefit the tourists but also the local community.

In fact, these benefits drive many countries to spend billions of dollars to attract international tourists primarily because of how the performance of the industry directly affects other major branches of the economy. Tourism supports businesses, creating incomes, and grows employment demands.